AUD/USD Weekly Forecast - 19 January - 23 January
Aussie went back and forth during the last week, but managed to break higher on better than forecasted Australian job figures, however, area above 0.8250 level still proved to be major resistance for this pair. With no major data release next week, both from Australia and USA, we would be focused on China's GDP and Industrial Production figures.
However, regardless of the figures, pair should find some amount of support around 0.8150 level, initially and 0.8080 area in extension, while there should be significant amount of resistance near 0.83 handle, so this is where we would consider selling the pair short-term looking. In long-term trends we are relatively neutral for this pair. We do believe that it could break higher, if we see break above 0.83 handle, but we still do not have the right type of candle for this move. Selling is not an option at the moment, as 0.80 handle is a significant support, on long-term charts, and we do expect bounce out from it if we get that low.
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